If I donatd $25 to a 501(c) Charity, how do I deduct that from my taxes?do i need soemthing?

Answer 1

the above answer is the best answer, so my advice is to listen to that guy.

Answer 2

If you itemize, then you need a receipt from the charity to deduct it. If you don't itemize, you can't deduct it. But by the way, the amount doesn't come off your taxes, but off your taxable income before the tax is figured, so if you are in a 15% bracket, a $25 deduction will only save you $3.75 in taxes.

Answer 3

Donations are claimed as itemized deductions on Schedule A.

You need to add your total itemized deductions and compare the sum to the standard deduction for your filing status. You can than claim either (but not both), depending on which is higher.

Answer 4

No one pointed out that if you do itemize, you will need either a canceled check or a receipt from the charity to claim the deduction. (New rule for 2007 and following years)

Answer 5

You need to be able to itemize. 70% of Americans don't itemize and therefore do not get a tax benefit from a charitable donation.

If you are single, you would need to have more than $5350 in itemized deductions to see a difference.

Answer 6

When you do your taxes, there's different tax rates based on whether you are itemizing deductions like this, or paying based on flat income.

If you make a decent income ... like $ 20,000.00 or so, and only donated $ 25.00 to charity for the whole year, you will end up owing more taxes by going that route.

You need to be donating a significnat percentage of your income ... like 5-20% of it to charity, for it to be worth your while to deduct that off your taxes.

You will need to keep receipts from all the different places that you did charity to, to be able to prove to the IRS that your donation total is correct.

Answer 7

If you itemize it's on Schedule A. If you don't itemize, it's meaningless to you.